India based real estate corporate attained 75 % shares of New York’s Plaza Hotel. The India –centered real estate corporate Sahara India Pariwar bought the shares from El Ad US Holdings.
Sahara India Pariwar bought 75% – shares in New York’s Plaza Hotel at a value of $575 million from another real estate firm El Ad US Holdings.
New York’s Plaza Hotel has a rich history of having world renowned figures like Eleanor Roosevelt, Mark Twain, the Beatles and Groucho Marx as guests. New York’s Plaza Hotel is situated on 59th Street in close proximity to Manhattan Central Park.
New York’s Plaza Hotel is considered as an iconic property which is recognized worldwide. Manhattan location is what makes it highly notable one in the world. Moreover the owner of this hotel gets a high profile in the entire U.S., said Mr. Greg Rice, Solid Rock’s president to the Commercial Property Executive.
He added that a property like New York’s Plaza Hotel always enjoys higher rate of appreciation. The remaining 25% of the Plaza Hotel is owned by Prince Alwaleed bin Talal, a Saudi billionaire and the co-owner Kingdom Holding Co.
Sahara India Pariwar’s acquisition contains 230 hotel rooms and retail space. The Indian firm will also have ownership rights on some magnificent condominiums as well as an underground luxury mall.
Standing on the buyer’s shoe Mr. Rice said that the purchase of New York’s Plaza Hotel is looked at as an excellent means for capital preservation. He added that the history of the New York hotel market shows that it is one of the most liquid markets of the world which always has outperformed the inflation.
Mr. Rice opined that it was the best option for the India- based real estate firm to expand into U.S. Pointing to the increasing value appreciation; he continued that the Indian group aims for multiplying its assets by holding it for longer times.
The longer one keeps the property in U.S. the higher value appreciation he is going to enjoy. New York’s Plaza Hotel is definitely an irreplaceable real estate property, continued Mr. Rice.
Sahara India Pariwar has already started up- gradation processes. Reopening of the legendary ‘The Oak Room’ is said to be the first of all.
Mr. Rice opined that the Indian firm might have bought this as their plan to have long-term investment on real estate assets. He said that Plaza Hotel is one of the most valuable pieces of real estate in the whole world.
However this is not the first hotel of Sahara group. The Grosvenor House, a historic London hotel, and another top – end hotel in Mumbai are owned by the Indian group. However the New York’s Plaza Hotel will be operated by Fairmont Hotels & Resorts on the basis of their long-term agreement.